From March 15, 2024, Paytm Payments Bank Ltd (PPBL) will see significant changes to its services following directives from the Reserve Bank of India (RBI).
This comes after the RBI identified non-compliance with banking norms by PPBL, leading to restrictions on the bank’s ability to accept fresh deposits or top-ups from the said date.
The RBI’s decision has led to adjustments in the services provided by PPBL, impacting how customers can use their accounts.
Here’s a detailed overview of what’s changing, what services will remain available, and what won’t be accessible post-March 15.
Customers using PPBL for salary credits, subsidies, or direct benefit transfers need to link their transactions to another bank before March 15 to avoid disruptions.
Similarly, for automatic bill payments, subscriptions, or loan EMIs debited from PPBL accounts, ensure sufficient balance until alternative arrangements are made.
A: Yes, withdrawals and fund transfers from your PPBL account will remain active up to the available account balance.
A: No, after March 15, 2024, credits such as salary payments into PPBL accounts will be discontinued. Consider linking your salary to a different bank account.
A: No, adding new funds to your PPBL wallet, including top-ups and transfers, will not be permitted after the specified date.
A: Yes, while existing FASTag balances can be used, recharging FASTags through PPBL will not be possible after March 15, 2024.
A: Automatic withdrawals for bill payments and subscriptions will continue as long as there is a balance in your account. However, ensure alternative payment methods are set up due to the new deposit restrictions.
Also Read: Paytm Partners with Axis Bank to Ensure Uninterrupted Merchant Transactions
Also Read: Top 10 Paytm UPI Alternative Apps in India for Secure Transactions
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